The money was paid to Mr Bennett shortly before he was suspended from his post.

Until its problems, Refco was a market maker for commodities and financial futures, and one of the biggest of the companies providing liquidity to ensure that traders would be able to buy and sell contracts.

But its reputation was left in tatters - and its share price tumbled - after charges were levelled against its former boss.

Mr Bennett is accused of hiding the fact that Refco Capital Markets - an unregulated subsidiary he controlled - owed $430m to its parent company through a series of undisclosed transactions.

He faces up to 20 years in jail if found guilty of securities fraud.

Earlier this week, Refco said it had agreed to sell its futures brokerage business to buy-out specialist JC Flowers & Co.

Refco's bankruptcy would be one of the biggest in US business history.